First Winner IPO opens

MUMBAI: The initial public offering of 55 lakh shares of First Winner Industries opened for subscription on Monday. The shares are priced in the band of Rs120-Rs130 per share. The issue closes on June 12.

The issue comprises an employee reservation of 1 lakh equity shares and a net issue to public of 54 lakhs equity shares. The issue will constitute 31.02 per cent of the post-issue paid-up capital.

The company plans to utilize the funds to set up a new apparel manufacturing facility at an estimated cost of Rs 1,203.98 lakh with production capacity of 5,000 pieces per day of men���s shirts and setting up a new weaving unit at an estimated cost of Rs. 2,163.47 lakh to increase its existing production capacity to 170 lakh meter per annum. It also intends to prepay term loan amounting to Rs 1,800 lakh.

The shares will be listed on Bombay Stock Exchange and National Stock Exchange of India. Almondz Global Securities is the sole book running lead manager to the issue.